Lancashire Announces $350M Credit Facility
Lancashire Holdings Limited announced that on 05 April 2012, it and its wholly owned subsidiary Lancashire Insurance Company Limited entered into a new US$350 million five year letter of credit and revolving facility with Lloyds TSB Bank PLC as administrative agent and issuing bank and Barclays Bank PLC as syndication agent. The Facility is a renewal of expiring capacity for the group.
The letters of credit will be used to support obligations under reinsurance liabilities of Lancashire Insurance Company Limited.
Denise O’Donoghue, Lancashire’s Corporate Finance Officer, commented “The Lancashire group is very pleased to have the continued support of Lloyds TSB and Barclays, both leading financial institutions. This renewal allows Lancashire to maintain financial flexibility and strength for our clients.”
Richard Askey, Relationship Director at Lloyds TSB, added: “We are delighted to have worked with Lancashire on this transaction and to continue to provide a financing structure to support the Lancashire group. This new facility represents a further consolidation of our relationship with the Lancashire group
